Nestlé and R&R Group to create joint venture Froneri

Nestlé and private equity firm PAI Partners, R&R's owner, will have equal equity interests in the joint venture. Froneri will be headquartered in the UK and will operate primarily in Europe, the Middle East (excluding Israel), Argentina, Australia, Brazil, the Philippines and South Africa.

The new company will combine Nestlé and R&R's ice cream activities in the relevant countries and will include Nestlé's European frozen food business (excluding pizza and retail frozen food in Italy), as well as its chilled dairy business in the Philippines. The transaction is subject to employee consultations and the approval of regulatory authorities. Financial details are not being disclosed.

Luis Cantarell, Nestlé Executive Vice President Europe, Middle East and North Africa, will chair Froneri's Board of Directors which will be composed of three senior Nestlé executives and three senior executives appointed by PAI Partners. Ibrahim Najafi; CEO of R&R Group, will be Froneri CEO.